Leaving money on the table
On January 12, Jim Press, President and COO of Toyota Motor Sales presented at the Auto Analysts of New York Conference hosted by Lehman Brothers.
You can link to the webcast through the Investor Information area of Toyota’s website.
The webcast includes a downloadable slide presentation that provides all kinds of detailed information about Toyota and Industry performance in 2005. It also includes information on 2006 product releases, the San Antonio truck plant scheduled to open this fall, and how Toyota views the market moving forward.
During the Q&A section, Jim Press answers a couple of questions that are very telling of Toyota’s strategy and philosophy. When asked about ‘leaving money on the table’ by not raising prices, Mr Press indicated that Toyota would not increase prices to show increased profits in the short term. Instead, they will continue to grow value through higher quality and maintaining high resale values – benefiting customers, and in the long term benefiting Toyota through repeat sales.
This responses illustrate very clearly that Toyota’s lean values of having a long term outlook and generating value for the customer permeate every area of their business – including marketing and sales.